Correlation Between Chongqing Shunbo and APT Medical
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By analyzing existing cross correlation between Chongqing Shunbo Aluminum and APT Medical, you can compare the effects of market volatilities on Chongqing Shunbo and APT Medical and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Chongqing Shunbo with a short position of APT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Shunbo and APT Medical.
Diversification Opportunities for Chongqing Shunbo and APT Medical
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chongqing and APT is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Shunbo Aluminum and APT Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APT Medical and Chongqing Shunbo is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Chongqing Shunbo Aluminum are associated (or correlated) with APT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APT Medical has no effect on the direction of Chongqing Shunbo i.e., Chongqing Shunbo and APT Medical go up and down completely randomly.
Pair Corralation between Chongqing Shunbo and APT Medical
Assuming the 90 days trading horizon Chongqing Shunbo is expected to generate 1.31 times less return on investment than APT Medical. But when comparing it to its historical volatility, Chongqing Shunbo Aluminum is 1.12 times less risky than APT Medical. It trades about 0.02 of its potential returns per unit of risk. APT Medical is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 31,207 in APT Medical on October 14, 2024 and sell it today you would earn a total of 2,476 from holding APT Medical or generate 7.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Shunbo Aluminum vs. APT Medical
Performance |
| Timeline |
| Chongqing Shunbo Aluminum |
| APT Medical |
Chongqing Shunbo and APT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Shunbo and APT Medical
The main advantage of trading using opposite Chongqing Shunbo and APT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Shunbo position performs unexpectedly, APT Medical can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in APT Medical will offset losses from the drop in APT Medical's long position.| Chongqing Shunbo vs. Harbin Air Conditioning | Chongqing Shunbo vs. Sunwave Communications Co | Chongqing Shunbo vs. Runjian Communication Co | Chongqing Shunbo vs. Cansino Biologics |
| APT Medical vs. Rising Nonferrous Metals | APT Medical vs. Dynagreen Environmental Protection | APT Medical vs. Chongqing Shunbo Aluminum | APT Medical vs. Shenzhen MYS Environmental |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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